Expanding automobile fleet size and rising vehicle sales are some key factors expected to drive the growth of Turkey tire market in coming years.
According to TechSci Research report, “Turkey Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2016- 2026”, Turkey tire market is projected to witness around 5% CAGR during the forecast period on account of expanding automobile fleet size, rising vehicle sales and growing automobile production across the country. According to the World Bank, per capita Gross National Income of Turkey stood at USD9,950 in 2016. Rising disposable income levels coupled with increasing standards of living across the country are anticipated to boost demand for automobiles and related tires across the country in coming years.
Additionally, being one of the major centres for trade in Asia, Turkey offers automotive manufacturers huge opportunities to increase their penetration across Europe, Central Asia and the Middle East. Low vehicle ownership, coupled with the country’s robustly growing infrastructure is further propelling the growth in Turkey’s automotive industry, including the tire market. Apart from that, growth in Turkey tire market is can also be attributed to increasing domestic automobile production and favourable government policies such as membership with European Customs Union.
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Turkey tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the passenger car segment dominated Turkey tire market until 2019 backed by growing sales of passenger cars and expanding passenger car fleet size. The segment is further expected to maintain its dominance and hold a market share of 55.80% by 2026. Based on demand category, Turkey tire market can be split into replacement and OEM. Among them, replacement segment is expected to dominate the market during the forecast period as enhance the average mile travelled per hour at a minimum cost.
Turkey is prominently divided into seven regions including Marmara Region, Central Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South Eastern Anatolia Region and Eastern Anatolia Region. Based on region, Marmara region dominated Turkey tire market until 2019 due to large population base and large automobile fleet size in the region.
Leading market players in Turkey tire market are Brisa Bridgestone Sabanci Lastik Sanayi Ve Ticaret, Goodyear Lastikleri Turk A.S., Turk-Pirelli Lastikleri A.S., Abdulkadir Ozcan A.Ş., Michelin Lastikler Ticaret A.S., Özka Lastik Ve Kauçuk Saniyi Ve Ticaret A.Ş, Anlas Anadolu Lastik A.Ş., Sumitomo Rubber Ako Lastik Sanayi Ve Ticaret A.Ş., Kumho Tire Co., Inc. and Yokohama Rubber Co. Ltd. Among these market leaders, Brisa Bridgestone, Goodyear and Pirelliare hold a significant share in Turkey tire market owing to their growing popularity among end users. Key growth strategies being adopted by tire manufacturers operating in Turkey are product innovation, collaborations and mergers & acquisitions.
“Turkey’s automobile sector is witnessing revival on account of favourable tax and investment policies of the Turkish government, which in turn, is fuelling the demand for tires in the country. Moreover, the growing concern towards sustaining the healthy life of the tire coupled with increasing requirement for maintaining a smooth driving experience are some other key aspects behind the rising demand for tires in Turkey,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Turkey Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2016- 2026” has analyzed the potential of Turkey tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Turkey tire industry.
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